I apologize for my BTC Hiatus, I've been quite the busy bee lately, but I'm back and I'm bringing you the juice.
Firstly, I'd like to point out that most traders have switched to bullish, while a bullish impulse is certainly a possibility, I'd like to point you out to this chart. In this chart I have turned on log, and you can see that BTC is most definitely respecting the log trendlines. With that in mind I will dive right in.
Key Notes:
1) 5th touch of log down trendline over 124 day period, we can continue sideways for another couple of days, however a large move must happen soon. 2) We are also at our 62nd day of RSI resistance and currently at the top of this resistance, once again, signalling an important day. 3) We have overhead resistance of the .382, 200 day EMA, and the vegas tunnel. 4) I am not bullish until we see a large breakout with volume of the trendline, this should trigger massive buying.
Bullish Targets:
1) If we manage to clear the trendline, I anticipate a mass rush of buyers, I will expect some resistance at the 0.5 fib @ 9091, however I expect it to only act as a consolidation point. 2) My first real target will be the golden zone @ 0.618 - 0.65 fib, at 9891 3) If we clear 9891, we should expect smooth sailing back towards the previous resistance cluster @ 11,700
Bearish Targets:
1) If we do not break today, I anticipate more range trading, a retest of $7901 is to be expected. 2) If 7901 no longer acts as support, I would anticipate to see low's into the 6's and beyond.
As always, if you find my useful helpful, please support me by hitting the like and follow button, upon 15 likes I will continue to update this idea.
Bullish break, expect consolidation and a run at target 1 at 9091 by Monday.
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BTC making a run @ target #1 $9091 (0.5 fib) , I'm expecting more resistance and consolidation (most likely for the remainder of the day) between 8900-9200, I then anticipate a run possibly beginning tomorrow towards $9800.
In the meantime the only coin I am in besides BTC is a 30% position into LTC.
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Target 1 hit, I expect further consolidation in this zone (8900-9200) before making a run most likely tomorrow evening towards $9891 for my sell target.
I closed my LTC position that was opened @ 16800 yesterday for a 3.5% profit and I'm currently sitting in pure BTC.
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ant187
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Streaming live educational content @ twitch.tv/cryptocrew sign up and follow to come get your questions answered
Trades999
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Satonacci
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In 50 min exactly, the end of the bear market will be confirmed.
ant187
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@arkain, Right, we have a bullish break of the downtrend line, if you’d like to declare that break as the end of the bear market you are welcome to do so, and may certainly be correct :)
We've hit the daily upper BB and the Ichimoku Cloud right when it's turning red. 9k will be difficult to break. If we can break it though, I think 12k in three weeks is not unlikely.
I don't think it's time to call out the end of the bear market just yet, even though things are indeed looking bright. Also, BTC price correlates with total crypto market cap and I don't think we've seen such an increase in market capitalization since December. Let's wait and see.
If we fall back to 8500 it may be time to short.
ant187
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@knowhatamine, I agree, that if we fall back past the trendline and begin closing below it, it will indeed be time to short.
Satonacci
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Do not need to wait so long. In one hour, the confirmation of the end of the bear market will be 100%
ant187
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@arkain, certainly a possibility, I’d say asias reaction (it’s Saturday there) will play a large role. If we have volume this weekend then yea, the targets can be hit quicker, but until then I’ve exited all alt positions and would advise everyone to do the same.